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Friday, 30 September 16
OPEC CUT SUPPORTS SLOW OIL RECOVERY, NOT STRONG REBOUND - FITCH
 OPEC's oil production target announced this week signals the potential for greater co-ordination among its members, but the target itself is largely symbolic, Fitch Ratings says. The announcement supports our view that oil prices will continue their recovery, but does not make a strong rebound materially more likely.
OPEC members agreed a production target of 32.5m-33.0m b/d at a meeting in Algiers on Wednesday "to accelerate the ongoing drawdown of the stock overhang and bring... rebalancing forward." A high-level committee will recommend member country production levels and there will be "serious and constructive dialogue" with non-member producers on how to stabilize the oil market. OPEC will consider the outcomes at its 30 November meeting in Vienna.
The target implies a production cut of between 240,000 b/d and 740,000 b/d from August levels. This would be the first agreed cut since 2008, and it indicates a slightly greater propensity to co-operate between OPEC's members to support prices.
This reduces downside risk to oil prices and reinforces our expectation that the stabilisation and recovery since the beginning of the year will continue. This is reflected in our forecasts for average prices for Brent and WTI of USD45/b in 2017 and USD55/b in 2018.
Our view incorporates a market that will on average be broadly balanced next year. This reflects demand improvement combined with modest production curtailments outside OPEC, principally in the US (the US Energy Information Administration this month forecast US crude oil production will drop to 8.8m b/d in 2016 from 9.4m b/d in 2015). While the OPEC cut, if agreed, makes a modest deficit more likely next year, this will not be enough to normalise OECD stock levels, which OPEC estimates at 341 million barrels above their five-year average.
More detailed discussions over the next two months will test the willingness of OPEC members to co-operate to reduce production. The envisaged reduction may well be achieved via seasonal falls in production (for example, in the Gulf where changes in domestic consumption patterns traditionally cause a substantial drop in production between August and November).
OPEC's announcement pushed oil prices higher, but they have since retraced some of their gains, and are below the year-to-date peak seen in early summer. Weaker-than-anticipated demand so far in 2016 may limit price increases. The International Energy Agency reduced its forecast for global demand growth by 0.1m b/d earlier in September, and said that momentum would ease further in 2017 "as underlying macroeconomic conditions remain uncertain."
Fitch's long-term expectations for both Brent and WTI of USD65/b reflect our view on the long-run marginal cost of supply. The oil price fall seen since 2014 has been a key driver of sovereign rating changes this year, although the recovery has eased broader macro pressures across emerging markets. Prices of USD40/b-USD50/b allow the majority of Fitch-rated corporate oil producers to cover their cash production costs, and a portion of their sunk costs, but remain below full-cycle costs for most producers.
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Friday, 01 December 23
COAL MINERS GROUP EXPECTS INDONESIA’S 2023 COAL OUTPUT TO SURPASS TARGET - REUTERS
The Indonesian Coal Mining Association (ICMA) expects the country’s 2023 coal output to surpass the official target of 695 million metric ton ...
Friday, 24 November 23
COAL IMPORTS TO INDIA IN OCTOBER 2023 REACHED HIGHEST LEVELS IN NEARLY A YEAR AND A HALF - VESSELSVALUE, VESON NAUTICAL
In October, coal imports to India reached 13.8 mt in October 2023, according to Oceanbolt, a Veson Nautical solution, the highest level since May 2 ...
Friday, 24 November 23
COAL SHIPMENTS TO ADVANCED ECONOMIES DOWN 17% SO FAR IN 2023 - BIMCO
In the first ten months of 2023, coal shipments to advanced economies fell by 17% y/y, as demand for electricity declined and the share of electric ...
Friday, 24 November 23
INTELLIGENT COAL MINES CONTRIBUTE TO IMPROVING SAFETY STANDARDS - CHINA DAILY
Mechanization, automation and intelligent upgrades have contributed to improved safety in coal mines, though the level of development of intelligen ...
Friday, 24 November 23
WHY AUSTRALIA'S COAL MINES ARE GETTING BIGGER - IEEFA
Australia’s largest coal mines are getting larger. Mines in New South Wales (NSW) are ramping up production following the state’s recov ...
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- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- The University of Queensland
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- SMG Consultants - Indonesia
- Australian Coal Association
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
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